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Home » KKR prepares binding bid for Telecom Italia’s grid as deadline looms

KKR prepares binding bid for Telecom Italia’s grid as deadline looms

    U.S. fund KKR is preparing to submit a multibillion euro bid for Telecom Italia's (TIM) landline grid by a deadline on Sunday as part of a government-backed plan to reshape the former phone monopoly, people familiar with the matter said. A deal with KKR is the centrepiece of TIM CEO Pietro Labriola's strategy to reshape the group, burdened with 26 billion euros ($27.6 billion) of net debt, and to allow a fresh start for the remaining services business which has been hard hit by price competition in its home market. The final bid is expected to be broadly in line with KKR's preliminary offer, valuing Netco — a venture comprising TIM's fixed access network and submarine cable unit Sparkle — in the region of 23 billion euros when including some variable components, the sources said.

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